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Legal Counsel, State Street Global Markets Global Link
State Street UK
June 4, 2018
London, United Kingdom
Purpose of Role:
To provide legal support for the Global Markets ("GM") division* in the EMEA region primarily in respect of State Street's Global Link ("GL") business in EMEA, as well as providing legal support for other GM divisions as appropriate/may be allocated by management (including regulatory work streams).
*GM business lines are Global Link, Foreign Exchange, Currency Management, Securities Financing (Agency Lending and Enhanced Custody) and Global Credit Financing
The lawyer will be based in the GM EMEA Legal group in London and will be responsible for providing legal coverage for GL and other GM business lines as appropriate / as may be allocated from time to time by management (including regulatory work streams).
The role will have the following responsibilities and the lawyer will have the following qualities and skill sets (as appropriate) by way of example:
Advising on legal and regulatory issues in relation to GL including: Advising on legal issues arising in relation to GL contracts, the MTF markets, the underlying products and on developing new documentation as required; Knowledge and understanding of the laws and regulations applicable to European financial instruments, in particular under MiFID II/ MiFIR and other relevant codes, rules and regulations; Knowledge of underlying derivative asset classes and documentation (in particular, FX).
Assisting with enquiries from regulators and other regulatory matters (by way of example audits).
Helping to manage consultation process with and relationships with outside legal service providers and following and complying with internal policy and procedure in respect of engagement of counsel and control of legal spend.
Working cooperatively with lawyers in the European region and the US and APAC regions and applicable managers; also with our offshore documentation team.
Active involvement in the preparation of internal new product/service approval processes, including as appropriate liaison with Head of GM Legal in EMEA at key stages of the process and the Global Legal Head and provision of legal reviews/analyses and drafting of legal commentary.
Ensuring all internal legal templates, policies and guidelines are understood and implemented and are up to date against applicable legislation.
Establishing and monitoring systems of control, delegated authority and escalation procedures so that the business can comply with internal policies and external regulations and legal risks can be managed effectively.
Ability to assess and make prudent decisions within a framework of Risk Excellence in particular with respect to Legal and Regulatory risk applicable to GM.
Observe, support and demonstrate compliance with a culture of 'Risk Excellence', encourage and support an environment of openness that welcomes effective challenge and supports open discussion
Develop and maintain effective working relationships and communications with team members, colleagues within (locally and regionally) and outside Legal (including with business clients and other support functions) and work with/ assist Legal colleagues in project work streams in a supportive and collaborative basis
Establish and/ or observe and maintain clear posting and escalation procedure and practice to management to ensure effective management of risk and to ensure clear transparency of matters that you are working on/responsible (including taking proactive action to ensure there is adequate production of management information that is fit for purpose, and issues are raised as appropriate)
Establish and/or observe an effective practice with your manager to ensure that issues are appropriately identified, posted and/or escalated and resolved (in consultation with relevant parties). This includes ensuring that appropriate management information is posted to your manager (and as may otherwise be required) setting out, inter alia, the background and the risks
Ensure that you make reasonable decisions by exercising reasonable care when considering information available to you. This includes taking proactive action to ensure that the information you have is suitable and adequate.
Establish and support a culture of individual ownership of tasks to embed a clear individual sense of accountability and responsibility and high standard of work in performing your role
Ensure that the highest level of the Code of Conduct is displayed in your own behaviour.
There may be a need to help with day to day support for product issues in relation to other team members as may be required by management. Such support shall be undertaken in accordance with the guidance/requirements set by management.
Level of Education/ Qualifications:
Appropriate professional legal qualifications (preferably a solicitor qualified under the laws of England and Wales).
Skills and Experience:
Relevant experience gained in-house with global top tier investment banks and/or other global top tier financial services firms (from both a buy-side and a sell-side perspective), preferably in the derivatives group an in-house legal department with hands on advisory and transactional experience with respect to derivatives trading and e- trading platforms and a good knowledge of derivatives products; and/or relevant experience gained in private practice with a global top tier law firm in respect of the same areas as listed above for in house.
Certain competencies are already covered above but to include:
Financial services experience;
Familiarity with electronic exchange platforms and methodologies;
Good knowledge of EMIR, MiFID, MiFID II, MAR (including applicable regulatory technical standards) and Dodd Frank impact on documentation and procedures.
Results-oriented with strong project management and execution skills.
Acting in a proactive and keen manner and with strong organizational/efficiency skills including preparation of status reports and such other documents/reports as may be requested for or by management and escalation to management.
Excellent interpersonal and client management skills with ability to sustain strong relationships with clients, peers and staff and carefully handling sensitive issues and discussions and if day to day support is required to be provided to colleagues then good support and supervision skills will be necessary.
Ability to interact with multiple levels and multiple departments in an organization and in multiple jurisdictions.
Keen understanding of market practice impacting the business lines in the relevant jurisdictions and ability to work with business units (under pressure and tight deadlines) to achieve practical solutions within applicable regulatory and risk parameters.
To be transparent with respect to work matters and to keep management fully and clearly posted and to provide updates and postings as may be required by management.
To take on co-ordination or work streams and other back up/support/facilitation roles as may be required by management (by way of example co-ordination of regulatory work streams which might cut across all of the GM business lines or projects required by senior management such as reviewing default provisions across legal agreements ). Also to assist with providing coverage for holidays or other absences from the office by team members
Ability to work calmly and in a measured way under pressure, under tight timelines and under high volume of wo rk environments
To prepare for meetings with management and business clients with use of agendas and other materials as the manager may require to structure meetings and communications with management and business clients (including spreadsheets, dashboards etc in order to facilitate an organised, efficient and transparent reporting means to management).
Proactiveness, enthusiasm and willingness to ensure clear and regular postings and escalations to management and to ensure complete transparency of matters and clear descriptions of matters and legal issues to management.
Positive, collaborative and helpful personality and a team player with a willingness to help out teams and colleagues (particularly to ensure fair allocation of workloads).
Awareness and mindfulness of the need to ensure global consistency and standards and to ensure matters of a global nature or potential global nature are discussed with management and brought to the attention of management in a timely manner, and to work with the US/global teams as appropriate.